Sign in to edit and save changes to this file. QUESTION FIVE Mr Mwansa a Commercial farmer based in Masai had his financials for the period to 30 September 2020 as given below Gross Profit 2.300.000 LESS EXPENSES Depreciation 207800 Farm Improvement costs (Nota) 750.000 Buying of empty mace bags 114.000 Salaries and Wages 320.000 Subscription to ZNFU 25.000 Loan Interest repayments 165.500 Security 75.000 Repairs and Maintenance 212.000 Fencing works 185.000 Field clearing 28.000 2.082,300 Net Prolt 217.700 NOTE Mr Mwansa bought the incurred the following expenditure which was included in his financials above *) Construction of Bams and Killing houses K350,000 10 Construction of Dwelling houses for employees K150,000 Irrigation and harvesting implements K200.000 Ploughs and harrows 50,000 33 Mr Mwansa had a Part Time job af Lecturing at UNILUS and in the year under review, he received emoluments amounting to K30,000 Required Compute Mr Mwansa's tax liabilty for the year ended 30 September, 2020 (TOTAL: 15 MARKS 09:27 P Thursday 29th Oct 202...a6af8c12569c32df1e3 - Read-only A Sign in to edit and save changes to this file. TAX TABLES Table Company Tax Rate 30% Category Mining Farmin Manufacturing 10% 34% Table 2 EXCISE DUTY RATES Rate 15 Motor Vehicle Engine Capacity WV less than 1500 CC WW more than 1500CC but less than 2000CC MV more than 2001CC but less than 3500CC My more than 3501CC but less than 2010 20 25 10 Import VAT 10% Custom 20% Table 3 PAYE RATE INCOME TAX BAND Annual 19,600 04 Above 39,600 - 49,200 Above 19,200 -74.400 Above 74.400 25% 30% 37.5% Table 4 Personal to Holder Vehicles Motor Vehicle Engine Capacity Below 1600CC Between 1500CC and 2800CC Above 2100CC Amount () 18,000 30,000 40.000 11 Table With-holding Tax Rates Category Dividends Residenti 15 III 09:28 P Thursday 29th Oct 202..a6af8c12569c32df1e3 - Read-only A Sign in to edit and save changes to this file. Table 4 Personal to Holder Vehicles Motor Vehicle Engine Capacity Below 1600CC Between 1500CC and 2800CC Above 2100CC Amount 18.000 30.000 ODO Table 5 Withholding Tax Rates 0 Category Rate 11 Dividends Resident 15 Dividends on resident 20 Mining Dividends (LUSE listed 0 Dividends (non-USE listed 15 Interest, Management & Consultancy, Royables 15 10 Exchange rates: US Dollar 1 to ZMK16 III